Sharp drop in Israeli exports to Turkey

Exports to Turkey, once one of the most popular destinations for Israeli goods, down 26%

Navit Zomer|Published: 05.25.12 , 14:07

Israeli exports to Turkey have suffered a significant drop this year, while a reverse trend characterized exports to the United Kingdom.

Exports to Turkey, which primarily consist of chemicals and refined oil, were down by 26% in the first quarter of 2012.

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Turkey, once the third most popular destination for Israeli goods, has descended to sixth place. Meanwhile, the UK jumped from seventh to second place on the list.

Exports to the UK, the most frequent European receiver of Israeli products, totaled at $650 million in Q1 – an 84% growth compared to the same period last year. The sharp increase is credited to the growing drug exports to the country, which were up a whopping 730% compared to Q1 2011.

While the US remained the top destination for Israeli goods, exports to the country saw a 24% drop early in 2012; in total, $2.4 billion worth of products were sent to the US in Q1, not including diamonds. The drop primarily stemmed from decreasing drug exports to the US.

China ascended from fifth to fourth place on the list. Exports to the Asian country reached $540 million in Q1 2012, a 15% increase compared to the equivalent period last year.